Stocks in Asia drift, British pound sinks further

The Australian All Ordinaries continued its post-election relief rally, adding another 13.70 points or 0.21% to 6,598.10

China's Shanghai Composite lost 14.26 points or 0.49% to 2,891.70

Japan's Nikkei 225 gained 10.92 points or 0.05% to 21,283.37

SYDNEY, Australia - Stocks traded in a tight-range on Wednesday in Asia, with no bourse showing any major variance.

Japan's Nikkei 225 gained 10.92 points or 0.05% to 21,283.37.

The Australian All Ordinaries continued its post-election relief rally, adding another 13.70 points or 0.21% to 6,598.10.

China's Shanghai Composite lost 14.26 points or 0.49% to 2,891.70 as prospects of a resumption of trade talks with the United States remained problematical, although China is willing. "China remains ready to continue our talks with our American colleagues to reach a conclusion. Our door is still open," Tiankai Cui, China's ambassador to the U.S. told Fox News on Tuesday.

The U.S. dollar remained strong throughout the Asian session on Wednesday. The British pound reflected the UK's political woes over Brexit, falling to a 4-month low. It last traded at 1.2670.

The euro is also in negative territory, last quoted at 1.1152.

The Japanese yen was little changed at 110.41 while the Swiss franc was adrift, at 1.0114.

The Canadian dollar was fractionally stronger at 1.3406.

The Australian dollar dipped to 0.6880, while the New Zealand dollar was very weak at 0.6497.

Overnight on Wall Street, the Dow Jones Industrial Average accelerated 197.7 points or 0.77% to 25,877.60 by the close on Tuesday.

The Standard and Poor's 500 jumped 24.23 points or 0.85% to 2,864.46.

Faring best of all, the Nasdaq Composite advanced 83.35 points or 1.08% to 7,785.72.